Edinburgh-based oil and gas giant Cairn Energy has sold a 3.5 per cent interest in Cairn India, the group announced on Friday.
Cairn said that shareholders authorised the board at its general meeting in May to dispose of all or part of its residual interest in its Indian oil subsidiary.
It has completed an on-market sale of 67m shares in the division for a consideration of $360m "which will be used to help fund Cairn's stated strategy and provide greater operational flexibility."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
According to market reports, the proceeds will be used to support Cairn's recent spate of acquisitions.
Following the transaction, the group retains an 18.3% shareholding in Cairn India.
BC
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
